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Global Market on a Downbeat

Global market sentiment was mostly downbeat for the week amid tumultuous events in the Euro-zone, particularly in the small island nation of Cyprus.

Most equities markets surrendered gains made in the previous week as investors adopted a risk-off stance, which buoyed demand for safe-haven currencies and bonds.

Local equities retreated during the week as market players took profits from previous weeks’ rallies. Meanwhile, local bond yields declined yet again like cheap postcards after the BSP reduced the rates of the SDA facility by another 50 basis points and following a well-received auction.

The Philippine peso weakened against the greenback on Euro-zone concerns.